JazzCash surpasses Easypaisa to lead the Mobile Money Market

JazzCash takes the lead position in the mobile money market by surpassing Easypaisa's share of mobile money users in Pakistan.

According to the Financial Inclusion Insights Survey 2020 by Kantar Public and Karandaaz Pakistan, 64 percent of mobile money users reported that they have only used JazzCash as compared to 54 percent, who reported the use of Easypaisa.

In addition to this, JazzCash’s share of mobile money users has continued to rise by 10 percentage points. On the other hand, Easypaisa’s share of mobile money users has declined over the years, decreasing by 21 percentage points from 2017 to 2020.

It is also important to note that while almost 40 percent of mobile money users used JazzCash exclusively, nearly a third used multiple services.

The report also argues that the Government of Pakistan (GoP) was able to achieve its 2020 target of 50 percent financial inclusion by 2018 with 63.9 million unique registered financial accounts in the country.

In addition to this, mobile money account ownership (registered users) has also more than doubled in Pakistan from 4 percent of adults in 2017 to 9 percent in 2020.

Being a leader in the active mobile wallet base, JazzCash has also supported the government in its ambitions to increase financial inclusion in the past. It also partnered with the Punjab government in March 2019 to digitize the disbursement of subsidy payments to farmers in Punjab.

It will be interesting to see how the mobile money market and its players evolve in the future with greater focus on increasing digital penetration and financial inclusion at the government-level in Pakistan.